Bill Introduced To Crack Down On Corporate Investors Who Profit From Buying Homes
By KIMBERLEY HAAS
Democratic lawmakers introduced a bill this week that would restrict tax breaks for corporate investors that purchase large quantities of homes.
If passed, the Stop Predatory Investing Act would prohibit investors who acquire 50 or more single-family homes for rental purposes from deducting interest or depreciation on those properties.
U.S. Sen. Sherrod Brown (D-Ohio), chair of the Senate Banking, Housing, and Urban Affairs Committee, says investors funded by Wall Street buy up homes that could have been sold to first-time homebuyers. He claims they rent them out at higher rates, neglect repairs, and then threaten families with eviction.
“Our bill will help prevent corporate landlords from driving up local housing prices and put power back in the…